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Why is Social Security and Medicare spending expected to increase further in the near future? The people who qualify will all receive the maximum benefit. The baby boomer generation will qualify for both programs. The amounts people receive are expected to take a big jump. The generation over age 85 will qualify for expensive medical programs.
The baby boomer generation will qualify for both programs.
what do SS tax pay for?
benefits to older citizens and people with certain disabilities
which of the following is NOT a responsibility of the local government?
building a highway system
operating budget
is day-to-day expenses
capital budget
is for investment spending
Which of the following would be paid for with a state's capital budget?
new bridge`
how does the concept of a balanced budget apply to state government?
only the operating the budget must be balanced
your aunt is a state employee. Her salary comes out of the state's ____.
operating budget
what are the main sources of revenue for local governments?
property taxes
what is the major source of tax revenue for local governments?
property taxes
for which expenses do state government provide financial help to their local governments?
public schools system
you have a receipt and says that you paid 5% sales taxes on sports equipment. this sales tax is an example of a?
regressive tax
what is the major resource of revenue for most state governments ?
sales and individual income taxes
what is the largest category of federal spending?
social security
The form used to file income taxes is a _____. tax return personal exemption deduction withholding
tax return
why is social security and medicare spending expected to increase further in the near future?
the baby boomer generation will qualify for both programs
who generally bears most of a sales tax when the demand for the good taxed is inelastic?
the consumer
what determines the incidence of a tax?
the elasticity of demand of the product taxed
which of the following is not an example of state spending?
the public library where you find resources for a research for your paper? [local government fund public facilities such as libraries ,airports, oublic hospitals
what happens to the money that employers withheld from your paycheck?
they send it to the federal government to help pay your income tax bill
how would you describe a tax that is assessed according to the benefits-rereceived principle?
those who receive the benefits the tax provides are the people who pay the taxes?
how would you describe a tax that is accessed according to the benefits-received benefits?
those who receive the tax provides are the people who pay the tax
app. what percentage of the national budget is spent on defense?
20 %
what do taxes collected under the FICA fund?
SS + Medicare
which of the following is an example of a tax authorized under the Federal Insurance Contributions Act[FICA]
SS tax
The sales tax on a $20 hammer is 7 percent, or $1.40. Why is this tax a bigger burden for Josh, who has a $15,000 income, than for Aaron, who has a $150,000 income? Josh will have to pay a greater property tax on the hammer than will Aaron. The tax represents a larger proportion of Josh's income. The burden is the same for both Josh and Aaron. The tax rate is higher for Josh than for Aaron. 13. The form used to file income taxes is a _____. tax return personal exemption deduction withholding 14. Because trade and commerce are considered national enterprises, states _____. cannot tax imports or exports can tax imports and exports can only tax exports can only tax imports 15. Which of the following would be a progressive tax? All people pay a 15 percent income tax. People earning $35,000 pay 10 percent tax, while people earning $100,000 pay 30 percent tax. Everyone pays a 5 percent sales tax. People pay 10 percent tax on property, whether it is worth $50,000, $500,000, or $50 million. 16. The statement "state regulators inspect water supplies and test for pollution" addresses how states dedicate tax revenue toward _____. education arts and recreation highways and transportation public welfare 17. The Constitution defines all of the following as limits of the government's power to tax except that _____. Congress cannot tax church services federal taxes must be the same in every state the purpose of federal taxes is for the common defense and general welfare of the nation the federal government is authorized to tax imports and exports 18. Congress is not authorized to reduce the cost of entitlement programs by _____. introducing new laws that change benefits controlling the number of people who are eligible for benefits changing eligibility requirements for benefit recipients reducing the amount of benefits 19. Spending on certain programs that is required by existing law is referred to as _____. discretionary spending mandatory spending Medicaid an entitlement 20. Most federal mandatory spending is spent on _____. entitlements salaries for people in the federal government defense interest on the national debt
The tax represents a larger proportion of Josh's income.
what does the equity of a tax mean?
a tax is fairly accessed
What portion of discretionary spending is typically spent on defense? about one third about one fourth about half about two thirds
about half
Which of the following statements concerning state sales tax is correct?
all 50 states collect sales tax
what is a budget for major investment expenditures called?
capital budget
what gives the gov. the right to collect taxes?
constitution
which of the following are examples discretionary spending?
defense, education, national parks, and environmental clean up
which of the following is a discretionary spending?
education
when you drive away from the gas pump, what kind of taxes had you paid?
excise tax
which of the following is probably the main source of funding your school?
local property taxes
how do most states finance their budget?
long-term borrowing or sale of bonds
the federal government spends the largest amount of its budget on SS, which is an example of
mandatory spending